San Diego, Calif. (July 17, 2017) – Pacific Urban Residential, a West Coast apartment investor, has sold Vue at Lake Murray, a 65-unit multifamily community located at 6867 Golfcrest Drive in San Diego, California, for $18 million. Kidder Mathews‘ commercial real estate brokers, Jim Neil, Eric Comer and Merrick Matricardi represented Pacific Urban Residential in the transaction.
The property has resort-like amenities including a clubhouse, swimming pool, and fitness center. It is near Lake Murray located in Mission Trails Regional Park. The location also provides convenient access to the 52 Freeway, State Route 125, and Interstate 8, and it is 13 miles from downtown San Diego.
Built in 1970, Vue at Lake Murray underwent major renovations to the exterior and 49 of the units in 2010 and 2016. Leasing activity at the property indicates value-add opportunity with continued renovations to the remaining 16 units.
Pacific Urban Residential is an industry-leading West Coast apartment investor. Since 2014, PUR apartment investment and sales activities total nearly $1.3 billion.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with nearly 700 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $5.6 billion in transactions, manages over 46 million square feet of space, and conducts 1,300 appraisals annually. For more information, visit kiddermathews.com.